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Suppose the government gives a guaranteed minimum price for sugar of $.25 cents a pound and agrees to purchase any surplus which is subsequently destroyed.Demand and Supply are:Qd = 200,000 - 350,000PQs = 650,000P
Given the government policy, how much will be sold on the private market, that is, how much will consumers buy without government purchases? How much sugar will government purchase?
This question refers to the estimated regressions in table 1 computed using data for 1988 from the United States Current Population opinion poll.
The agency of Labor Statistics follows 5-steps to calculate Consumer Price Index. Determine three strengths and three weaknesses of the Consumer Price Index calculation.
Suppose that the total benefit and total cost from an activity are, respectively, given by the following equations: B(Q)=150 + 28Q - 5Q^2 and C(Q) = 100 + 8Q. (note: MB(Q) = 28 -10Q and MC(Q) = 8). Write out the equation for the marginal net benefi..
at a price of $1 each, 100 popsicles are sold per day in the perpetually hot town of Rostin. Consider the elasticity of supply. In the short run, a price increase from $1 to $2 is unit-elastic (Es = 1.0). So how many popsicles will be sold each da..
During a year of operation, a firm collects $175,000 in revenue and spends $80,000 on raw materials, labor expenses, utilities and rent. The owners of the firm have provided $500,000 of their own money to the firm (and view that money as a loan to..
If software can only be produced in the quantities above, what should be the production level if the producer operates in a monopolistic competitive market where the price of software at each possible quantity is also listed above.
What are the marginal abatement cost functions for each of the two areas? Calculate the loss in the two areas due to over-control (for the rural area) and under-control (for the urban area).
Determine national income (NI) for 2008 and what does national income tell us? Discuss the difference between GDP and NI?
How much consumer surplus do consumers receive when Px = $45? c. How much consumer surplus do consumers receive when Px = $30? The demand curve for product X is given by QXd = 360 - 2PX.
Over a period of years, a toothpaste has received a mean rating of 5.9, on a 7-point scale, for overall customer satisfaction with the product. Because of a minor unadvertised change in the product, there is concern that the customer satisfaction ..
Assume that when using the multiple regression in the formula Y = b1X1 and b2X2 + E that X1 represents wages and X2 represents transportation expenses?
What is the multiplier? How is it calculated? Why is the multiplier related only to consumption spending?
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